SHIVALIK FIBRES PVT. LTD. Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) Challenging an order passed by Debts Recovery Appellate Tribunal, New Delhi (hereinafter referred to as 'the Appellate Tribunal') directing them to make a pre- deposit of 50% of the debt recoverable from them, the borrowers as well as guarantors have come up with the above writ petition.

(2.) Heard Mr. Ajay Sharma, learned Senior Counsel appearing for the petitioners.

(3.) Assailing the measures taken by the Authorized Officer of the respondent-Bank under Section 13 (4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'SARFAESI Act'), the petitioners herein filed an Appeal in SA No. 316 of 2016 on the file of the Debts Recovery Tribunal-I, Chandigarh (hereinafter referred to as 'the Tribunal'). The appeal was dismissed by the Tribunal by an order dated 20th April, 2019.